Seattle Multifamily Investment
For Sale
$2,998,000
7 Dravus St, Seattle, WA 98109
16 furnished units near Seattle Pacific University. Short-term rental potential.
Property Size5,600 SF
Price / SF$535.36
Days on Market628
Property Features for 7 Dravus St
General Information
Standard status
Active
Size
5,600 SF
Site & Location
Neighborhood
Fremont
Building Details
Year Built
1965
Listing Agency:
VIRGIL ADAMS REAL ESTATE, INC.
Listed By:
DAN SWANSON · License #13533
(206) 296-9610
Source:
Corcoran
Added: Feb 7, 2025
Changed: Mar 16
Last Checked: Oct 26 at 5:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of VIRGIL ADAMS REAL ESTATE, INC.
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Investment Insights
Based on property information with market context.
Located in Seattle’s North Queen Anne neighborhood, Dravus Court is near Seattle Pacific University and within walking distance of Fremont’s core. It also provides an easy commute to South Lake Union and Downtown Seattle. The property consists of 16 fully furnished one-bedroom apartments situated in two adjacent buildings on 10,800 square feet of LR3 zoned land. Currently, Dravus Court operates as a short-term-stay property, primarily catering to traveling nurses and corporate transferees. Units can be rented for terms as short as one month with flexible lease end dates. The 5,600 square foot asset presents an opportunity to continue and improve upon this operation strategy, or transition the property to traditional rentals.
Key Highlights
- Prime location in desirable North Queen Anne, Seattle.
- Walking distance to Fremont and close to Seattle Pacific University.
- Easy commute to South Lake Union and Downtown Seattle.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$94,516
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,890,320
$1.9M
Cap Rate 7%
$1,350,229
$1.4M
Cap Rate 9%
$1,050,178
$1.1M
Market Conditions
NOI Build-Up for 5,600 SF
Gross rent
$178.1K $31.80/SF
− Vacancy
−$6.2K −$1.11/SF
EGI
$171.8K $30.69/SF
− OpEx
−$77.3K −$13.81/SF
NOI
$94.5K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,890,320
Cap Rate 7%
$1,350,229
Cap Rate 9%
$1,050,178
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,516 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.97M
NOI $117,934 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,290
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 16 furnished units near Seattle Pacific University. Short-term rental potential.
Where is this apartment building located?
The property is located at 7 Dravus St Seattle, WA.
What is the asking price?
The asking price for this property is $2,998,000.
What are key features of this property?
This property features: Prime location in desirable North Queen Anne, Seattle.; Walking distance to Fremont and close to Seattle Pacific University.; Easy commute to South Lake Union and Downtown Seattle.
